The first half of 2026 can be seen as a fairly strong adjustment period for the real estate market, clearly shown in the decline in selling prices on the secondary market. The wave of price reductions and loss-cutting of apartments appeared and spread, reflecting increasing liquidity pressure in the context of high interest rates.
However, this development is not enough to fundamentally change the price level. According to the Vietnam Association of Realtors (VARS), real estate prices in leading cities are still anchored at peak levels, even in some areas continuing to increase sharply.
In Hanoi, the average selling price reached 123 million VND/m2, only slightly decreased compared to the previous quarter. In Hung Yen, the price reached 69 million VND/m2, up 2%. In general, in the expanded Hanoi area, the price reached 112 million VND/m2, up 29% quarter-on-quarter.
In Ho Chi Minh City, the selling price reached 108 million VND/m2, almost flat compared to the previous quarter. Meanwhile, Binh Duong set a new price level of about 58 million VND/m2, an increase of 30% compared to the same period. In Da Nang, the selling price reached 91 million VND/m2, equivalent to the previous quarter.
VARS believes that the existing price has reached a "new normal" state that the market accepts. Interest rate pressure mainly creates the phenomenon of "loss cutting" in short-term investment and short-term speculation, not leading to a sell-off situation across the market.
Notably, house prices are still high in the context of strong supply growth. According to VARS, in the first 6 months of 2026, the entire market recorded 98,000 products for sale, an increase of 50% compared to the same period in 2025. Of which, more than 70,000 products are newly opened for sale, an increase of 40%.
A report by the One Mount Group Market Research and Customer Understanding Center also shows that the supply of primary apartments in Hanoi and Ho Chi Minh City has clearly improved compared to the first quarter of the year.
In Hanoi, the total new supply reached about 9,300 units, an increase of 6% compared to the previous quarter and 23% compared to the same period in 2025. Notably, the central area recorded the return of a large-scale project after many years of absence.
In Ho Chi Minh City, the new supply reached about 11,000 units, an increase of 51% compared to the same period in 2025. Most of the new supply is concentrated in Binh Duong (old), with more than 7,000 units, equivalent to 66% of the total market opening volume.
Ms. Cao Thi Thanh Huong - Deputy Director of Research and Consulting Department of Savills HCMC said that the housing market in the first half of 2026 recorded a clear adjustment in the context of the macroeconomy facing many pressures, especially when the general level of home loan interest rates remained high.
This directly affects capital access, buyer psychology as well as investor decision-making speed, making market liquidity more cautious. Besides financial factors, new supply still does not fully meet demand, especially in the affordable housing segment, continuing to create an imbalance between supply and demand," Ms. Huong said.
According to Ms. Huong, in major cities like Ho Chi Minh City, real housing demand is still positive. Cash flow continues to focus on projects with clear strategic and legal positions and benefiting from infrastructure. In which, the East continues to lead supply and attract attention thanks to its role in connecting with Long Thanh airport, logistics systems and new growth poles.
Although sales face many challenges, the primary price level has not decreased due to high project development costs, along with the concentration of Grade A and B segments in the supply structure.
Stepping into the second half of the year, new sales supply is expected to improve when projects are introduced. However, absorption capacity takes place in a selective direction, significantly depending on interest rate developments as well as the access to credit of businesses and homebuyers.
